The electronic trading platform for corporate bonds has now
traded over
$1 billion since its revamp just over a month ago. The
firm passed the milestone on Tuesday August 9.

"We’re encouraged to see our users having successful
experiences on a daily basis and getting increasingly comfortable
with the platform during these summer months," said
Mike Sobel, President ofTrumid. "The
first $1 billion in volume is
an exciting milestone and we look forward to continued
growth.”

TruMid is one of several firms trying totake advantage of increased interest in electronic bond
trading at a time when
many are complaining about reduced liquidity. Many have
struggled to gain traction in a market that is one of the last to
switch to electronic platforms.

TruMid focuses on roundlot trading, matching buy and sell orders
in excess of $1 million. The firm launched around two years ago
with a group of well-known Wall Street traders, capturing
headlines as a result. It has also attracted big name backers
such as Soros and Thiel, while former
Barclays CEO Bob Diamond has endorsed the platform.

Business Insider recently reported on the firm's revamp, with
TruMid rolling out a new platform built in-house. The changes to
TruMid's platform have put it in a much stronger position, Sobel
told Business Insider in July.

"The fee pool in corporate-bond trading is somewhere in the
$8 billion range," he said. "From a business perspective, we only
need a very, very small share of it for this to be a fully
self-sustaining business.

"We certainly need to more growth from here,
but it isn't by an order of magnitude," he said.